RICS: UK House prices set to increase by 3% in 2017

House prices in the UK will see an average increase of 3% over the course of the new year as the number of transactions stabilises according to the RICS housing forecast for 2017.

The housing forecast released today predicts house prices to rise across the whole of the UK in 2017 with an average increase of 3%.

Prices in Central London are reportedly set to stabilise after recent declines according to the RICS.

In terms of transaction activity, the report claims the numbers are likely to come in between 1.15 and 1.2 million.

Simon Rubinsohn, chief economist at the RICS, said: “The ongoing shortfall of stock across much of the sales and letting markets is set to continue to underpin prices and rents. The affordability challenge will remain very much to the fore for many.”